Bill > SB14

This bill expands the powers and purpose of the Alaska Industrial Development and Export Authority (AIDEA) to include financing and facilitating the construction of workforce housing facilities. Specifically, the bill adds a new provision to AIDEA's purpose that allows it to provide financing for new housing projects with five or more dwelling units. The bill defines "workforce housing" as residential housing that costs occupants less than 30 percent of the income of a household earning up to 120 percent of the median family income in that location, as determined by the U.S. Department of Housing and Urban Development. By amending several sections of existing law, the bill enables AIDEA to acquire, lease, finance, and develop workforce housing projects, treating them as a type of "development project" similar to other economic development initiatives. This change aims to help address housing affordability challenges by giving AIDEA a new tool to support the development of housing that is more accessible to working families in Alaska.

Budget and Finance, Business and Industry

https://www.akleg.gov/basis/Bill/Detail/34?Root=SB14